NWK Group Inc. Makes New Investment in Snowflake Inc. $SNOW

NWK Group Inc. bought a new position in shares of Snowflake Inc. (NYSE:SNOW) during the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor bought 26,656 shares of the company’s stock, valued at approximately $5,965,000. Snowflake comprises 2.1% of NWK Group Inc.’s holdings, making the stock its 24th biggest position.

Several other hedge funds have also recently bought and sold shares of the business. AlphaStar Capital Management LLC acquired a new position in Snowflake during the second quarter worth $892,000. Bay Colony Advisory Group Inc d b a Bay Colony Advisors acquired a new position in Snowflake during the second quarter worth $279,000. Canton Hathaway LLC acquired a new position in Snowflake during the second quarter worth $229,000. Creekmur Asset Management LLC increased its position in Snowflake by 2,947.6% during the second quarter. Creekmur Asset Management LLC now owns 8,960 shares of the company’s stock worth $2,005,000 after buying an additional 8,666 shares during the last quarter. Finally, Simon Quick Advisors LLC acquired a new position in Snowflake during the second quarter worth $328,000. 65.10% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, CAO Emily Ho sold 1,658 shares of the stock in a transaction dated Wednesday, September 24th. The shares were sold at an average price of $225.25, for a total value of $373,464.50. Following the completion of the transaction, the chief accounting officer owned 31,745 shares of the company’s stock, valued at $7,150,561.25. This represents a 4.96% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Frank Slootman sold 7,551 shares of the stock in a transaction dated Tuesday, September 16th. The stock was sold at an average price of $221.24, for a total transaction of $1,670,583.24. Following the completion of the transaction, the director directly owned 153,226 shares of the company’s stock, valued at $33,899,720.24. This trade represents a 4.70% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 865,647 shares of company stock valued at $199,370,673 in the last quarter. 6.80% of the stock is currently owned by insiders.

Snowflake Stock Up 1.3%

NYSE SNOW opened at $274.81 on Friday. The company has a debt-to-equity ratio of 0.96, a quick ratio of 1.48 and a current ratio of 1.48. The firm has a 50-day simple moving average of $235.24 and a 200 day simple moving average of $210.24. Snowflake Inc. has a twelve month low of $113.23 and a twelve month high of $275.48. The stock has a market cap of $93.11 billion, a PE ratio of -66.22 and a beta of 1.21.

Snowflake (NYSE:SNOW) last released its earnings results on Wednesday, August 27th. The company reported $0.35 earnings per share for the quarter, beating the consensus estimate of $0.27 by $0.08. Snowflake had a negative net margin of 33.53% and a negative return on equity of 42.98%. The business had revenue of $1.14 billion during the quarter, compared to analysts’ expectations of $1.09 billion. During the same quarter last year, the company earned $0.18 earnings per share. The firm’s revenue was up 31.8% on a year-over-year basis. On average, research analysts forecast that Snowflake Inc. will post -2.36 EPS for the current year.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on the stock. Scotiabank increased their target price on shares of Snowflake from $230.00 to $280.00 and gave the stock an “outperform” rating in a research report on Thursday, August 28th. Truist Financial upped their price target on shares of Snowflake from $235.00 to $270.00 and gave the company a “buy” rating in a report on Thursday, August 28th. Cantor Fitzgerald upped their price target on shares of Snowflake from $242.00 to $275.00 and gave the company an “overweight” rating in a report on Thursday, August 28th. Macquarie upped their price target on shares of Snowflake from $210.00 to $235.00 and gave the company a “neutral” rating in a report on Thursday, August 28th. Finally, Guggenheim restated a “neutral” rating on shares of Snowflake in a report on Thursday, August 28th. Two research analysts have rated the stock with a Strong Buy rating, thirty-six have given a Buy rating, three have issued a Hold rating and three have assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $258.95.

About Snowflake

Snowflake Inc provides a cloud-based data platform for various organizations in the United States and internationally. Its platform offers Data Cloud, which enables customers to consolidate data into a single source of truth to drive meaningful business insights, build data-driven applications, and share data and data products, as well as applies artificial intelligence (AI) for solving business problems.